Bed Bath & Beyond is extending the temporary closure of its retail stores until at least May 2, 2020, based on the guidance from federal, state, and local government and health authorities, and in the interest of the safety of its customers and associates, due to the COVID-19 outbreak. The company is an American chain of domestic merchandise retail stores.
The temporary closure relates to all retail banners across the US and Canada, other than its Buy Buy Baby and Harmon stores, which will continue to provide essential infant, health, and personal care items in-store, subject to state and local regulations.Bed Bath & Beyond is extending the temporary closure of its retail stores until at least May 2, 2020, based on the guidance from federal, state, and local government and health authorities, and in the interest of the safety of its customers and associates, due to the COVID-19 outbreak. The company is an American chain of domestic merchandise retail stores.#
In conjunction with the decision to extend the temporary store closures, Bed Bath & Beyond announced it would implement additional cost reductions, including a furlough of the majority of store associates and a portion of corporate associates until at least May 2, 2020, the company said in a media statement.
As previously announced, the company is providing impacted store associates with applicable pay and benefits until April 3, 2020. Corporate associates who have been impacted by latest announcement will be provided with pay and benefits through April 18, 2020. During the period in which furloughed associates are not paid, the company will pay 100 per cent of the cost of healthcare premiums for all these associates who currently participate in the company’s health plan, until further notice. Furloughed associates will also be able to apply for unemployment benefits, if eligible.
“The health and safety of our customers and associates remain our number one priority, as we do what we can to slow the spread of COVID-19. To help our communities through this crisis, we continue to provide essential infant, personal and health care items in-store, while we serve the rest of our loyal customers online, in their homes. This is a time of unprecedented disruption to our industry. We do not make these decisions lightly but, while the vast majority of our stores remain closed, we must now balance our ability to provide jobs and financial support for our associates in the short, medium and long-term, as well as prioritising investments that will strengthen our business. We are therefore making the difficult decision today to place many of our associate team members on temporary leave, while our stores remain temporarily closed,” Mark Tritton, president and CEO said.
In recognition of the sacrifices being made by associates during this time, the company will also temporarily reduce salaries by 30 per cent across the executive team, including Tritton. At the same time, the chairman of the board and all other independent directors will forgo 30 per cent of their quarterly cash compensation.
ALCHEMPro News Desk (GK)
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